On Friday, Qatar International Islamic Bank (QIIB) made a significant announcement regarding its financial instruments. The bank's Trustee, QIIB Tier 1 Sukuk Limited, has redeemed all of its outstanding $300 million Additional Tier 1 Capital Certificates at their face value. This redemption also includes accrued and unpaid periodic distribution amounts up to but excluding the redemption date, which was on Wednesday, November 20, 2024. Additionally, any extra amounts thereon have been settled.
Following the redemption of these Certificates, which are identified by the ISIN XS2077741978, the Trustee has formally requested that the London Stock Exchange (LON:LSEG) (LSE) proceed with the delisting of the Certificates from its regulated market. The bank confirmed that as a result of this redemption, no Certificates remain outstanding.
This move to redeem and delist the Certificates is in accordance with the terms and conditions outlined under Condition 10.1(b), known as the Trustee's Call Option. The decision to exercise this option and the subsequent actions were effective as of the date of the announcement, November 22, 2024.
The announcement made by QIIB and its Trustee reflects a step in the bank's capital management strategy. The redemption of these financial instruments signifies the completion of their life cycle and the fulfillment of the obligations set forth at their issuance. As such, the Certificates will no longer be traded on the London Stock Exchange following their delisting. For further information regarding this financial move, interested parties are advised to reach out to the appropriate channels within QIIB.
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